Car sales in the EU fell by 18.3% year-on-year to 643.6 thousand units at the end of August. This was reported by Interfax According to data from the European Automobile Manufacturers Association (ACEA).
All major European car markets saw a sharp decline in demand, with car sales falling by 27.8% in Germany, 24.3% in France, 13.4% in Italy and 6.5% in Spain during this period.
In August, demand for electric cars fell by almost half (43.9%) to 92.6 thousand. The share of electric cars in total car sales in the EU fell from 21% last year to 14.4%.
European automakers started gradually abandon bold plans to create electric vehicles. Volvo, Volkswagen and Mercedes have already softened their targets despite the general decline in sales. Investors have almost lost confidence in the sector, as it lags significantly behind the US and China.
Formerly People’s Republic of China recommended automakers should not invest in Russia.